MphasiS introduces ISM solution to process Insurance applications

To reduce the time and cost of submitting new insurance applications electronically , a new Insurance Sales Modernization (ISM) solution has been launched by MphasiS. This solution is designed for Life Insurance and Annuity sales executives. ISM will enable carriers to  process new applications quickly and lower Not-In-Good Order(NIGO) rates while allowing agents to complete applications in their preffered method using paper and digital pen or tablets.

 John Streatfeild, Insurance Solutions, MphasiS said, "Most insurance companies spend too much time and money transferring information from a paper application onto their systems because many agents still prefer paper-based applications to record client information. With this in mind, we have developed the ISM Solution--to allow these agents to continue to use paper applications while realizing all the benefits associated with e-applications such as improving agent productivity and sales."

MphasiS offers ISM as a hosted solution and is responsible for all system and agent set up including the preparation of application forms and coding of company specific rules for editing application data.

The key features of ISM include ability to complete applications without requiring internet connectivity and helps agents with the option to use paper applications or tablets with no impact on overall savings.